The following balances were taken from the books of Maria Conchita Alonzo Corp. on December 31, 2014.
Interest revenue $92,750 Accumulated depreciation-buildings $34,750
Cash 57,750 Notes receivable 161,750
Sales revenue 1,386,750 Selling expenses 200,750
Accounts receivable 156,750 Accounts payable 176,750
Prepaid insurance 26,750 Bonds payable 106,750
Sales returns and allowances 156,750 Administrative and general expenses 103,750
Allowance for doubtful accounts 13,750 Accrued liabilities 38,750
Sales discounts 51,750 Interest expense 66,750
Land 106,750 Notes payable 106,750
Equipment 206,750 Loss from earthquake damage
(extraordinary item) 156,750
Buildings 146,750 Common stock 506,750
Cost of goods sold 627,750 Retained earnings 27,750
Accumulated depreciation-equipment 46,750
Assume the total effective tax rate on all items is 34%.
Prepare a multiple-step income statement; 100,100 shares of common stock were outstanding during the year.